Law new is a concept that’s been used as an umbrella term for legal services that are being delivered in innovative ways. The term can include things like delivering services outside of the traditional law office, embracing technology and creating strategies that are different from those that might be seen as typical in the industry. It’s a concept that all legal firms could benefit from and it’s one that should be considered carefully to see how it may be applied to create better value for clients.
As the legal industry continues to evolve, it is important for all of those who work in it to be aware of how new concepts can be implemented and the potential impact they can have on the way that legal services are provided. In addition to looking at new concepts as ways to offer more help to clients, it is also important for those working in the legal industry to be aware of how these changes will impact their businesses.
A growing number of companies, startups and even law firm subsidiaries are augmenting their traditional legal services by implementing various forms of what is being referred to as “law new.” This type of work can be conducted outside of the traditional law office and often includes utilizing nontraditional fee structures. It also encompasses using a variety of other techniques that are designed to meet the needs of specific types of clients. The goal of this work is to provide the help that clients need in a way that can be more efficient and effective than standard practice in most law firms.
In order for law new to be successful, it must produce change that is impactful for the legal industry and society at large. This means that it must create more accessible, affordable, scalable and practical legal products and services that address challenges and capture opportunities at the speed of business and society at large. It must also create a more holistically diverse and integrated workforce that is customer-centric, technologically proficient and empathetic.
The prevailing models for the delivery of legal products and services continue to be law firms and in-house legal departments. While these providers routinely collaborate, they operate from distinct economic models, cultures, remits, and technology platforms. They are also structured around different teams, processes, and project management methodologies. For law new to succeed, it must develop a more integrated platform-based delivery structure from which agile, fluid and on-demand resources with verifiable, material expertise and experience can be sourced. It must also shift to a profit model that is based on output, efficiency and client satisfaction. These models are a far cry from the old-school approach to profitability that relies on billable hours, client revenue and the use of full time employees.